Solution-Compute the correct cost of goods sold for each

Compute the correct cost of goods sold for each year

Assignment Help Accounting Basics

Reference no: EM13531553

Brooks Hardware reported cost of goods sold as follows.

	2012	2011
Beginning inventory	$30,000	$20,000
Cost of goods purchased	175,000	164,000
Cost of goods available for sale	205,000	184,000
Less: Ending inventory	37,000	30,000
Cost of goods sold	$168,000	$154,000

Brooks made two errors:

1. 2011 ending inventory was overstated by $2,000.

2. 2012 ending inventory was understated by $5,000.

Instructions

Compute the correct cost of goods sold for each year.

Reference no: EM13531553

Questions Cloud

Find the power consumed by the air filter : The secondary coil of a step-up transformer provides the voltage that operates an electrostatic air filter. The turns ratio of the transformer is 45:1. Find the power consumed by the air filter

Prepare comparative condensed income statements : Prepare comparative condensed income statements for 2012 under FIFO and LIFO and inventory cost flow method produces the inventory amount that most closely approximates the amount that would have to be paid to replace the inventory

State a balanced equation for the reaction : The combustion of liquid ethanol (C2H5OH) produces carbon dioxide and water. Write a balanced equation for this reaction. After 4.2 mL of ethanol (density = 0.789 g/mL) was allowed to burn in the presence of excess oxygen gas. At the end of the proc..

Nervoussystem-kidneys and urinary system : An old man while eating suddenly has difficulty speaking andnotices numbness and weakness in his face and arm. base ofphysiology what you think is happening? what anatomic structuresmight be involved?

Compute the correct cost of goods sold for each year : Compute the correct cost of goods sold for each year - Brooks Hardware reported cost of goods sold

How many moles of oxygen will be needed to react zns : A reaction mixture initially contains 4.2 mol ZnS. a. How many moles of oxygen will be required to react with ZnS b. Assuming there is enough oxygen,

Determine the cop of the fridge : my refrigerator has cop of 5.00. its power input is 615W . A sample of mass of water is 500 g and temp of 20C is placed into the freezer. determine the COP of the fridge

Expected frequencies of alleles and genotypes : Compare the actual frequencies above with the expected frequencies of alleles and genotypes. Is thispopulation in Hardy-Weinberg equilibrium?

Evaluate the value of its ending inventory : Kirk Limited is trying to determine the value of its ending inventory as of February 28, 2012, the company"s year-end. The accountant counted everything that was in the warehouse, as of February 28, which resulted in an ending inventory valuation ..

User Account

All Pages

Compute the correct cost of goods sold for each year

Reference no: EM13531553

Reference no: EM13531553

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT